- Push-out Score determined
- After around eight years in the position
- Praise and thanks for Corbat
- Jane Fraser taking over
- Corbat made a lengthy statement and said 385 words
(exechange) — New York, September 10, 2020 — Mike Corbat, chief executive of Citi, leaves. As announced by Citigroup Inc. in a news release on Thursday, September 10, 2020, Michael L. (Mike) Corbat leaves his post as chief executive officer at the Wall Street bank after around eight years in the role, effective in February of 2021.
Mike Corbat’s duties as CEO will be taken over by Jane Fraser, currently President and CEO of Global Consumer Banking of Citigroup Inc.
Citi will name a new CEO of Global Consumer Banking in the coming weeks.
“The time is right”
Mike Corbat’s departure from the CEO post is explained as follows. Corbat said: “Of course, there is always more to do and I believe the time is right for my successor to lead Citi through this next stage of progress. We know there are products where we can still gain share; we know that the expectations of our customers and clients keep increasing and we have to work harder to keep up.”
Precise information regarding Mike Corbat’s future plans was not immediately available.
Citi said: “Citi CEO Michael Corbat today announced that, after 37 years at Citi, including the last eight years as CEO, he plans to retire from Citi and step down from its Board of Directors in February of 2021.”
Share price decline
The announcement follows a decline in Citigroup Inc.’s share price of 25% since September 2017.
Chaired by John C. Dugan
John C. Dugan serves as Citigroup Inc.’s Chairman.
In the position of CEO since 2012
Mike Corbat became CEO of the Company in 2012.
Corbat has been at Citi and its predecessor companies since his graduation from Harvard University with a bachelor’s degree in economics in 1983.
Prior to his current role, Corbat was CEO of Europe, Middle East and Africa where he oversaw all of Citi’s business operations in the region, including consumer banking, corporate and investment banking, securities and trading and private banking services.
Previously, Corbat served as the CEO of Citi Holdings, Citi’s portfolio of non-core businesses and assets.
In this role, he oversaw the divestiture of more than 40 businesses and divested more than $500 billion assets, reducing risk on the Company’s balance sheet and freeing up capital to invest in Citi’s core banking business.
Corbat has also served as the CEO of Citi’s Global Wealth Management unit and was Head of the Global Corporate and Global Commercial Bank at Citi, a role in which he led the firm’s efforts to provide best-in-class financial services to top-tier multi-national corporations and financial institutions around the world.
Corbat has been honored by several civic and cultural organizations.
He serves as Chairman of The Clearing House Association Supervisory Board and Vice Chairman of the Financial Services Forum and Bank Policy Institute.
He is also an executive committee member of the Partnership for New York City and sits on the Board of Trustees of the United States Ski and Snowboard Association.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Citi and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 37.2020 ($).